China faces deflationary pressures from US tariffs, IMF chief economist says
WASHINGTON, April 22 (Reuters) - China is facing stronger deflationary pressures as a result of tariff impacts but fiscal support is helping to offset the substantial 1.3 percentage-point growth drag that the duties are causing, International Monetary Fund chief economist Pierre-Olivier Gourinchas said on Tuesday.
Gourinchas told a news briefing that the IMF's latest 2025 projection for China of 4% does not include the latest first quarter growth data, which beat expectations. But IMF's headline inflation projection for China is now about zero because of U.S. tariff pressures. Lower oil prices due to expectations of a slowdown in activity also are having a deflationary impact globally, helping to hold down headline inflation, Gourinchas said.
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